A historic Act which is supposed to usher a transparent and vibrant real estate sector in India, the successful implementation of Real Estate (Regulation and Development) Act 2016 rests on timely and proper notification of rules by the states and compliance by all stakeholders.
Real Estate (Regulation and Development) Act 2016 came into existence in April last year. The Act was notified after the Bill was passed by the Parliament and received the assent of the President on April 25 last year. On April 27, 2016, 69 Sections of the Act were notified by the Ministry of Housing & Urban Poverty Alleviation, making them effective from May 1, 2016, and on April 19, 2017 remaining 22 Sections of the Act were notified. The Act finally came into force from May 2017.
Even as the Act has become effective, there has been severe lack of efforts from the states to notify the rules. According to a report, as on June this year only 11 states and six union territories has notified their respective Real Estate (Regulation and Development) Rules. These states are Andhra Pradesh, Bihar, Gujarat, Haryana, Kerala, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Uttar Pradesh, and Uttarakhand. And the Union Territories which have notified their rules are Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep, and National Capital Territory of Delhi.
As per the notification announcing the commencement of the Act on May 1,2016, Rules under the Act had to be formulated by the Central and State Governments within a maximum period of six months, i.e, by October 31,2016 under Section 84 of the Act. Ministry of Housing & Urban Poverty Alleviation was supposed to make Rules for Union Territories without legislatures while the Ministry of Urban Development was supposed do so for Delhi.
Section 20 of the Act stipulated that the appropriate Government within a period of one year from the date of coming into force of this Act, by notification had to establish the Real Estate Regulatory Authority for effective regulation of the sector and the Appellate Tribunal for adjudication of the disputes.
For the effective implementation of all the provisions of the Act, formulation of rules and setting up of regulatory authority and tribunal are vital. But the situation after a year is far from perfect. We have the key components of the Act missing which would have a bearing on the effective implementation of the Act.
Interestingly, apart from the delay in the notification of the rules as well as setting up institutions, there has been dilution of the provisions of the Act. According to a study done by CRISIL, crucial aspects of the Act, such as the definition of the term ongoing projects, penalties for noncompliance, payment schedule and clause for structural defects have been diluted in the notification of rules by the states.
Andhra Pradesh, Kerela and Uttara Pradesh have diluted the definition of ongoing project in their notification whereas Bihar, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Uttar Pradesh and Andhra Pradesh have diluted the penalties for noncompliance clause.
Likewise, there is a lack of clarity in payment schedules in the rules notified by the states such as Bihar, Madhya Pradesh, Gujarat, Uttar Pradesh and Odisha. Haryana’s draft rules don’t comply with the provisions of the Act either. The notification does not make the disclosures by builders on the sanctioned plan, layout and specifications at the time of booking with all subsequent changes till date mandatory.
Maharashtra has included a provision which allows builders to take out or divest from a project after occupancy certificate has been issued, effectively providing builders escape route to pull out the project before completion of common areas, facilities and amenities. In Delhi, the rules specifying that promoters need to provide details of all pending cases in the court has been done away with and the promoters are only needed to provide the details of those court cases which have been disposed of during the last five years.
These are deviations from the rules notified by the Central government and the provisions of the Act itself. For effective implementation of the provisions, the state governments must frame rules governing these sections and set up state-level real estate regulatory authorities and appellate tribunals as soon as possible to implement the rules.
The real estate is one of the most important sectors and the fate of Indian economy depends upon it in so many ways. The sector has a huge employment potential and linked to economic well being of its people and the nation. The Indian real estate sector is a significant contributor to India’s GDP. A report shows that this sector will be worth US$ 853 billion by the year 2028. As per the government report, at present, there are 76,044 companies operating in the real estate sector including 17,431 in Delhi, 17,010 in West Bengal, 11,160 in Maharashtra, 7,136 in Uttar Pradesh, 3,054 in Rajasthan, 3,004 in Tamil Nadu, 2,261 in Karnataka, 2,211 in Telangana, 2,121 in Haryana, 1,956 in Madhya Pradesh, 1,270 in Kerala, 1,202 in Punjab and I,006 in Odisha.
There are five broad themes of Real Estate Act. They include compulsory registration of projects, compulsory public disclosure of all project details with Authority, compulsory registration of real estate agents, establishment of regulatory authority/ tribunals at State level and penal and compensation provisions. Let’s look at some of the key provisions in detail.
The Act in Chapter 2 Section 3 (1) says that promoters have to register their real estate project with the Real Estate Regulatory Authority established under this Act and they cannot advertise, market, book, sell or offer for sale without registration.
The Act, however, does not require compulsory registration from those projects in which the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed to be developed does not exceed eight inclusive of all phases. And this provision does not include renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.
Under this section, after receiving the application under sub-section, the Authority shall within a period of thirty days grant registration subject to the provisions of this Act and the rules and regulations made thereunder, and provide a registration number, including a Login Id and password to the applicant for accessing the website of the Authority and to create his web page and to fill therein the details of the proposed project.
The authority can reject the application for reasons to be recorded in writing, if such application does not conform to the provisions of this Act or the rules or regulations made thereunder:
The registration granted under section 5 may be extended by the Authority on an application made by the promoter due to force majeure, in such form and on payment of such fee as may be specified by regulations made by the Authority
Under this section, the Authority may, on receipt of a complaint or suo motu in this behalf or on the recommendation of the competent authority, revoke the registration granted under section 5, after being satisfied of failure of the prompter to stick to the rules and violates any of the terms or conditions of the approval given by the competent authority or is involved in any kind of unfair practice or irregularities.
Under Section 4, the promoter is supposed to enclose documents along with the application which shows his company details as well as a brief detail of the projects launched by him, in the past five years, whether already completed or being developed, including the current status of the said projects, any delay in its completion. The document must also show the details of cases pending, details of type of land and payments pending.
Apart from the authenticated copy of the approvals, the document must also show the sanctioned plan, layout plan and specifications of the proposed project or the phase thereof, and the whole project as sanctioned by the competent authority.
The application should also have the plan of development works to be executed in the proposed project and the proposed facilities to be provided thereof including fire fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy.
The application should also mentioned the number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas apartment with the apartment
Under this provision, the application must have a declaration from the promoter stating:
The amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion. This provision seeks to address the practice of builders using money from an existing project for other projects, resulting in delays in completion. However, this provision could lead to an increase in the cost of the project. According to builders, this provision puts the pressure on the builders and call for advance funding mechanism to be developed.
In an important provision, the Act has defined the unfair practices. According to the Act, the “unfair practice means” a practice which, for the purpose of promoting the sale or development of any real estate project adopts any unfair method or unfair or deceptive practice including any of the following practices, namely:—
According to this Section, the promoter is supposed to create his web page on the website of the Authority and enter all details of the proposed project as provided under sub-section (2) of section 4, in all the fields as provided, for public viewing, including—
The promoter at the time of the booking and issue of allotment letter shall be responsible to make available to the allottee, the following information, namely:—
Under this section, the promoters have to compensate buyers any loss or damage due to incorrect information in the advertisement. The provision says: “Where any person makes an advance or a deposit on the basis of the information contained in the notice advertisement or prospectus, or on the basis of any model apartment, plot or building, as the case may be, and sustains any loss or damage by reason of any incorrect, false statement included therein, he shall be compensated by the promoter in the manner as provided under this Act”
Under section 13, a promoter cannot accept a sum more than ten per cent of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale, under any law for the time being in force.
Under Section 14 of the Act, the proposed project shall be developed and completed by the promoter in accordance with the sanctioned plans, layout plans and specifications as approved by the competent authorities.
Once the sanctioned plans, layout plans and specifications and the nature of the fixtures, fittings, amenities and common areas, of the apartment, plot or building, as approved by the competent authority, are disclosed or furnished to a buyer who agrees to take one or more of the said apartment, plot or building, the promoter cannot make any additions and alterations in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings and amenities without the previous consent of the buyer.
Section 18 has a provision which says that if the promoter fails to complete or is unable to give possession of an apartment, plot or building,— (a) in accordance with the terms of the agreement for sale or, as the case may be, duly completed by the date specified therein; or (b) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under this Act or for any other reason, the promoter will return the amount received by him in respect of that apartment, plot, building, as the case may be, with interest along with compensation in the manner as provided under this Act.
Under Section 9, no real estate agent shall function without obtaining registration from the Real Estate Regulatory Authority
Functions of real estate agents
Under Section 9, the Act defines the functions of the real estate agents. It says, every real estate agent registered shall not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority.
The agents should maintain and preserve such books of account, records and documents as may prescribed and not involve himself in any unfair trade practices, namely:—
He should facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building
According to this section, in case any structural defect or any other defect in workmanship is brought to the notice of the promoter within a period of five years by the allottee from the date of handing over possession, it shall be the duty of the promoter to rectify such defects without further charge, within thirty days. If the promoter fails to rectify such defects within such time, the aggrieved allottees shall be entitled to receive appropriate compensation.
If any promoter doesn’t get registered with the Authority, they will be liable to a penalty which may extend up to ten per cent of the estimated cost of the real estate project as determined by the Authority.
If any promoter does not comply with the orders, decisions or directions issued under sub-section (1) or continues to violate the provisions of section 3, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten per cent. of the estimated cost of the real estate project, or with both.
If any promoter provides false information in his application or contravenes the provisions of section 4, he shall be liable to a penalty which may extend up to five per cent of the estimated cost of the real estate project, as determined by the Authority
If any promoter contravenes any other provisions of this Act, other than that provided under section 3 or section 4, or the rules or regulations made thereunder, he shall be liable to a penalty which may extend up to five per cent of the estimated cost of the real estate project as determined by the Authority.
If any real estate agent fails to comply with or contravenes the provisions of section 9 or section 10, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.
If any promoter, who fails to comply with, or contravenes any of the orders or directions of the Authority, he shall be liable to a penalty for every day during which such default continues, which may cumulatively extend up to five per cent, of the estimated cost of the real estate project as determined by the Authority.
If any promoter, who fails to comply with, or contravenes any of the orders, decisions or directions of the Appellate Tribunal, he shall be punishable with imprisonment for a term which may extend up to three years or with fine for every day during which such default continues, which may cumulatively extend up to ten per cent. of the estimated cost of the real estate project, or with both.
If any real estate agent, who fails to comply with, or contravenes any of the orders or directions of the Authority, he shall be liable to a penalty for every day during which such default continues, which may cumulatively extend up to five per cent., of the estimated cost of plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated and as determined by the Authority.
If any real estate agent, who fails to comply with, or contravenes any of the orders, decisions or directions of the Appellate Tribunal, he shall be punishable with imprisonment for a term which may extend up to one year or with fine for every day during which such default continues, which may cumulatively extend up to ten per cent. of the estimated cost of plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated, or with both.
If any allottee, who fails to comply with, or contravenes any of the orders, decisions or directions of the Authority he shall be liable to a penalty for the period during which such default continues, which may cumulatively extend up to five per cent of the plot, apartment or building cost, as the case may be, as determined by the Authority
If any allottee, who fails to comply with, or contravenes any of the orders or directions of the Appellate Tribunal, as the case may be, he shall be punishable with imprisonment for a term which may extend up to one year or with fine for every day during which such default continues, which may cumulatively extend up to ten per cent. of the plot, apartment or building cost, as the case may be, or with both.
The Act mandates an establishment of Real Estate Regulatory Authority , within a period of one year from the date of coming into force of this Act. The Authority has powers to impose penalty or interest, in regard to any contravention of obligations cast upon the promoters, the allottees and the real estate agents, under this Act or the rules and the regulations made thereunder. The Authority is guided by the principles of natural justice and, subject to the other provisions of this Act and the rules made thereunder, the Authority shall have powers to regulate its own procedure.
Under section 40, if a promoter or an allottee or a real estate agent, as the case may be, fails to pay any interest or penalty or compensation imposed on him, by the adjudicating officer or the Regulatory Authority or the Appellate Authority, as the case may be, under this Act or the rules and regulations made thereunder, it shall be recoverable from such promoter or allottee or real estate agent, in such manner as may be prescribed as an arrears of land revenue.
The Act makes it incumbent upon the state governments to establish an Appellate Tribunal to be known as the — (name of the State/Union territory) Real Estate Appellate Tribunal within a period of one year from the date of coming into force of this Act, by notification. Every bench of the Appellate Tribunal shall consist of at least one Judicial Member and one Administrative to Technical Member. Every order made by the Appellate Tribunal under this Act shall be executable by the Appellate Tribunal as a decree of civil court, and for this purpose, the Appellate Tribunal shall have all the powers of a civil court.
Any person aggrieved by any decision or order of the Appellate Tribunal, may, file an appeal to the High Court, within a period of sixty days from the date of communication of the decision or order of the Appellate Tribunal, to him, on any one or more of the grounds specified in section 100 of the Code of Civil Procedure, 1908. The High Court may, however, entertain the appeal after the expiry of the said period of sixty days, if it is satisfied that the appellant was prevented by sufficient cause from preferring the appeal in time.
The objective of the Real Estate Act 2016 is to regulate and promote the real estate sector in order to ensure efficiency and transparency in the system. The Act is supposed to protect the interest of consumers by establishing an adjudicating mechanism for speedy dispute redressal. The Act protects the interests of buyers and imposes penalties on those flouting the rules.
By 2028, India’s real estate market size is expected to increase by seven times to $ 853 billion, increasing from $126 billion in 2015. The demand for residential properties has surged due to increased urbanisation and rising household income. The number of Indians living in urban areas will increase from 434 million in 2015 to about 600 million by 2031.
The government has allowed FDI of up to 100 per cent for townships & settlements development projects. Real estate is the fourth largest sector in terms of FDI inflows. FDI in the sector is estimated to grow to $ 25 billion by 2022.
The government must do everything in its capacity to make this Act a success. But the delay in formulating the rules and setting up of the authority will hamper the growth. The implementation of the Act is supposed to bring about a major change in the way the real estate sector is going to operate and function in India.
The Act has provisions which can make the real esate sector grow in an atmosphere of greater transparency. But if the rules being formulated are not in line with provisions of the Act, how the government is going to fulfill the promises made in the Act.
RERA intends to increase transparency and accountability in the real estate sector. It addresses issues pertaining to delay, price, construction quality, title, etc., by putting in place a sectoral regulatory mechanism with respect to sale and purchase of commercial and residential units/projects and timely completion of projects by builders. By creating a transparent disclosure framework and making the builder/developer liable, the Act addresses an existing lacunae and should raise efficiency in the real estate sector.
The market as on date is in a flux. The Act being pro-consumer shall slowly increase consumer confidence and help consumer regain his/her trust in developers, in turn reviving the market. Further, the act shall impact developers stressed for cash and delayed project completion. Assured schemes shall disappear from the market and serious developers shall exists post the clean-up.
Prior to GST, a developer/builder while procuring the construction materials ends up paying numerous taxes, which ultimately add to the price of the flats. With these numerous taxes getting subsumed into GST, the cost of construction is expected to come down and in turn boost sales. GST ensures that developers only use organised vendors and suppliers, in order to get the input tax credit, which will also improve the efficiency in delivering projects.
Under the GST regime, the financial advantage of investing in an under construction property shall be more than that in a ready to move in property. Whole the GST rate on under construction properties is 18%, since the developers shall be allowed input tax credit, the effective rate here would be 12%. The benefits of investing in under-construction properties will outweigh the benefits of investing in ready-to-move-in homes under the new Goods and Services Tax (GST) regime. The actual GST rate on under construction properties is 18 per cent. However, the effective tax on such properties would be 12 per cent as under the new regime developers will be allowed input tax credits. The said option of getting full input tax credit to builders/developers in an under construction project would not be applicable on ready-to-move-in flats.
The transparency and authority that RERA bring to the table shall increase the governance in the real estate sector. The rule of depositing 70% of sales proceeds in a separate account will help in buyers getting timely delivery and increase consumer confidence. The same would in turn reduce litigation. Given that RERA should eventually stream-line the sector with transparency and governance mechanisms in place, the same would eventually rebuild consumer confidence leading to an increase in foreign investor confidence to invest in the real estate sector.
The Act regulates transactions between buyers and promoters of residential real estate projects, through establishment of state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Several obligations have been casted upon the Promoter under the Act e.g. registration of the project with RERA before booking, selling or offering apartments for sale in such projects, which is mandatory and 70% of sale receivable to be kept in separate bank account and keeping and updating the details of the project with RERA website etc. All these moves will ensure regulation of this sector.
The implementation of the Act has been slow across the States. Unfortunately, till date Madhya Pradesh, Maharashtra and Rajasthan, are the only states up until now to have set up a real estate regulator. Recently Housing Minister assured that Regulatory Authorities will be functional by 31st July in all States but there are only three weeks left. Maharashtra is the only state that has set up a website. Though 18 States and UTs have formulated the rules to implement the Act but the same have been diluted. Thus, general buyer is still confused about the actual impact of the Act.
The introduction of GST will simplify the management of multiple tax levies on this sector and will thus bring clarity in the transactions and make the system more efficient. The benefits of investing in under-construction properties will outweigh the benefits of investing in ready-to-move-in homes under the new regime. Since buyers are not liable to pay any indirect tax for the purchase of ready-to-move-in properties, the impact of GST on buyers of re-sale properties is likely to be very little. The industrial property and warehousing segment will be the primary beneficiary of adoption of the GST system. As there will be input tax credit on raw materials to builders against payment of taxes, the tax effect for developers will be lower
Since the Act carries with itself the element of transparency, inflow from foreign investors into the Indian real estate market from foreign investors has triggered due to increase in confidence in the Indian markets. As per the KPMG-Magicbricks report, the Indian real estate market has been able to generate strong returns on investments to home-buyers on a longterm horizon due to ease of FDI norms in the real estate and construction sector. Thus, implementation of the Act has had a positive impact on FDI in the real estate sector.
RERA is a path break legislation which intends to address issues such as delay in possession, quality of construction and various other malpractices prevalent in the sector. After promulgation of RERA, the errant developers and the brokers will no onger be able to take the innocent buyers for a ride by marketing and selling projects which do not have requisite clearances/ approvals and/or land for the project. RERA makes it mandatory for all developers to register the project and make detailed disclosures pertaining to the project, which would help the buyers.
Delay in notification of rules and setting up of the Authority by the States is hindering the effective implementation of RERA. Any further delay could impact the supply of inventory in the market, since no new project can be launched without obtaining prior registration under RERA. It may prove to be counterproductive to “Housing for All by 2022” initiative by the government.
GST has subsumed various state and central taxes, including vat, service tax, excise duty, entry tax etc. GST will bring in transparency and may minimise unscrupulous transactions. In a nutshell, GST is expected to have a positive impact on the real estate sector as the consumers and the developers will be saved from the hassle of paying several taxes at different levels.
According to data released by Department of Industrial Policy and Promotion (DIPP), the construction development sector in India has received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 24.28 billion in the period April 2000- December 2016. RERA will only contribute to this trend as it brings in a paradigm shift in the way the real estate sector operates in India. RERA is expected to bring in transparency, accountability and discipline into the sector, which would further boost the investor confidence in the sector and may lead to increased inflow of the Foreign Direct Investment into the sector.
RERA is a consumer benefit legislation which seeks to regulate the real estate sector by standardising the practices in the sector and increasing accountability of the developers. In this regard, it prescribes provisions for registration, increased disclosure requirements and timely completion of projects. Additionally, RERA contains provisions for payment of compensation and stringent penalties in case of a default. The Act also aims at providing a speedy dispute redressal mechanism by providing for establishment of an authority and an appellate tribunal to deal with disputes between the consumers and developers.
Since the implementation of the RERA, the real estate sector has seen a slowdown in project launches. This is because, in addition to the existing approval and compliance requirements, the RERA brings about a new compliance regime and the developers are still trying to familiarise themselves with it. However, this is a temporary effect and the sector is likely to come back stronger after the developers are through with the initial registration related hiccups and have implemented procedures to comply with the provisions of the RERA.
As far as the real estate sector is concerned, the GST appears to be a positive step in as much as it seeks to reduce the cascading effect by subsuming many taxes which a developer is required to pay including the excise duty, sales tax, entry tax etc. Additionally, the GST regime provides for an input tax credit against the raw materials. This is likely to bring the construction costs down, the benefit of which will be passed on to the consumers.
As a result of the consumer benefit mechanisms and stringent provisions contained in RERA, it is likely to result in a better implementation and management of the real estate projects. This will instil a lot of confidence in the consumers and is likely to increase the demand for real estate in India. While currently, there has been no change in the FDI inflows in the sector, with the increase in the demand, the construction and development sector is likely to attract more foreign investment.
We have witnessed legal battles between consumers and builders over the inconsistencies prevalent in the real estate realm. Real Estate Regulation & Development Act 2016 had instilled the much needed hope amongst the consumers, administrators and real estate players. The act intends to increase transparency and accountability in the real estate sector, by providing mechanisms to facilitate and regulate the sale and purchase of commercial and residential units/projects and timely completion of projects by the promoters.
The Real Estate (Regulation & Development) Act, 2016, came into full force with the implementation of Sections 3-19, 40, 59-70, 79 and 80. While the Act had come into force on May 1, 2016, only 69 sections were notified at that time. Ahead of the Act coming into force, the Ministry of Housing & Urban Poverty Alleviation had formulated and circulated Model Real Estate Regulations for adoption by the Regulatory Authorities in the States/UTs. We have witnessed legal battles between consumers and builders over the inconsistencies prevalent in the real estate realm. Real Estate Regulation & Development Act 2016 (RERA hereafter) had instilled the much-needed hope amongst the consumers, administrators and real estate players.
The Goods and Services Tax (GST) is most revolutionary tax-related reform seen in India in several decades, since it will eliminate the conflicting and cascading taxation structures which have confounded several industries over the past few decades. Though the goods and services tax (GST) tax structure has been announced, there is still a lot of conjecture about which tax rate will be applicable to the real estate and construction industry. With the implementation of RERA, GST will go a long way in ensuring transparency in the realty sector and growing buyer confidence. There were many issues of multiple taxation which amounted to indirect taxes and no uniformity. GST coupled with Real Estate Regulatory Act that has come into effect on May 1, 2017, would ensure efficiency in the realty sector. GST will free homebuyers and investors from the hassle of paying several state taxes at different levels, therefore removing the double taxation impact. Therefore 12% tax rate under GST regime looks favourable to the industry
Transparency in the real estate sector for consumers and investors will be one of the major benefits as RERA is in force. The real estate sector has been largely unregulated in the country, which has led to a huge consumer trust deficit in the industry. Normalization and consumer protection norms will be supreme importance and help bring fair practices in the industry. The implementation of RERA will help modernize the sector and ensure better project planning, implementation and management, thus making the whole exercise well-organized. It will attract greater Foreign Domestic Investments into the sector encouraging developers to adopt best practice and quality standards to project Indian real estate sector in a new light.
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